Abstract
The Fourth Industrial Revolution (4IR) and the information age have given rise to the demand for Higher Education Institutions (HEIs) to produce knowledge and innovation. Universities play a significant role in equipping students with skills and knowledge conducive for their growth and development and ultimately enabling graduates to contribute to growing the South African economy. The 4IR has amplified the rise of the discipline of Information and Knowledge Management (IKM). Many organisations have adopted IKM principles and practices as part of their toolkit for competitiveness. Therefore, IKM is significant for improving the generation of skills and knowledge within universities. For example, universities require quality information to identify innovation with commercialisation potential as opposed to unrealistic enterprising. Research, innovation, commercialisation, and entrepreneurial development in universities have been the core foci for government funding and business investment, as it contributes to the country’s economic growth. However, a gap exists in the South African context in terms of universities being able to assist student innovators to be able to commercialise their business ideas or turn their business ideas into commercial products and services. An innovation and commercialisation intervention could be key to addressing the need to turn innovation into commercial products and services. The aim of this study was to develop a Strategic Information Management (SIM) system to facilitate the process of innovation and commercialisation of an entrepreneurial university’s innovators’ commercialisable ideas.
From the literature review, it was established that entrepreneurial universities can turn innovat-ion into commercial products and services. However, the commercialisation of innovation (CoI) process heavily relies on sound commercialisation structures or systems. Such systems assist innovators and entrepreneurs to understand the dynamics and complexities of CoI. Simplification of complexities is possible through the creation of institutional internal principles, rules and regulations that govern CoI processes and procedures. Within its IKM scope, this study was guided by systems theory and methods for developing a signification framework for a SIM system.
The research methodology to develop a SIM system was mixed-method complex, by means of a retroductive approach and an action research strategy, which required the participation of CoI role players at the University of Johannesburg (UJ), the South African Business Innovation Community (Innovation Summit), and the Innovation, Sustainability and Visionary Leadership Group. The study was grounded in pragmatism as philosophical paradigm, which allowed the study to explore that innovation and commercialisation intervention can work in the real world. The study’s signification framework was informed and developed through a literature review and empirical research findings, which enabled the researcher to develop five intervention keys. The data was collected through three methods; Business Case Study (BCS) content
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analysis, in-depth face-to-face interviews of which some were conducted via Zoom, and an online structured questionnaire. Purposive sampling was used for this study, with 107 SIM BSCs being analysed, 11 interviews were conducted, and a questionnaire was sent to the innovation experts. The data collected was analysed through content analysis of BCS findings, descriptive content analysis using the Atlas.ti qualitative data analysis programme for interview findings, and inferential statistical analysis using the Statistical Package for Social Sciences (SPSS) quantitative data analysis tools for questionnaire findings.
The study investigation gave valuable insights on the most significant aspects that constitute successful innovation and commercialisation practices that will enable innovators to convert their ideas into commercial products and services. The research findings made it clear that there are many challenges when it comes to ensuring the effective CoI and creating an entrepreneurial institution. The findings also indicated that the majority of the entrepreneurial and commercialisation units within UJ do not have noticeable synergy and often do not collaborate. It is important for these units to share insights and collaborate to ensure commercialisation within the university.
The research aim was fulfilled by presenting the signification framework for the SIM system for commercialisation dynamics of entrepreneurial universities. The value of the system is its intervention keys to act as a safety net to assist student innovators in converting their business ideas into commercial products and services. The SIM system has the potential to support the conversion of innovations into commercial products and services. The system is based on various components deemed suitable for commercialisation, these components were gathered from the literature review theoretical framework and the data collected. The limitation of the study, namely its focus on only one HEI, does not hinder the general application of this study’s signification framework for other entrepreneurial institutions because the intervention keys are not specific to one institution. The intervention keys may be used as benchmarks by any other entrepreneurial institution.
This study has the potential to guide UJ, as well as other HEIs and institutions involved in entrepreneurship, innovation, and commercialisation, in creating an entrepreneurial environment for their innovators. Furthermore, this study can guide students, entrepreneurs, inventors, and innovators in terms of the process to follow to commercialise their business ideas, inventions, and innovation.
Key words: Strategic Information Management; innovation and commercialisation; systems theory; Higher Education Institutions; entrepreneurial universities; signification framework; intervention keys.